Casio 2001 Annual Report Download - page 16

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ANALYSIS OF GROUP OPERATIONS
The consolidated accounts reflect the operations of
the parent company, manufacturing and marketing
subsidiaries in Japan and overseas, and subsidiaries
engaged in related activities. In August 2000, Casio
sold 80% of its equity in The Casio Lease Co., Ltd. to
Diamond Lease Co., Ltd., and Asahi Corporation was
dissolved in March 2001.
For the fiscal year ended March 31, 2001, there
were 66 consolidated subsidiaries and 10 affiliates ac-
counted for by the equity method, compared with 67
consolidated subsidiaries and nine equity-method af-
filiates during the previous term.
LIQUIDITY AND FINANCIAL RESOURCES
ANALYSIS OF CASH FLOWS
Net cash provided by operating activities fell 52.8% to
¥21,492 million. Primary sources of cash were income
before income taxes and minority interests of ¥9,201
million and depreciation (including software) of
¥24,515 million. An increase in notes and accounts
payable provided cash of ¥8,002 million, while an in-
crease in notes and accounts receivable used cash of
¥15,993 million.
CASH FLOW AND CAPITAL INVESTMENT
Millions of yen
2001 2000 1999
Net income (loss) ¥ 6,547 ¥ 6,173 ¥ (8,534)
Depreciation 22,065 30,220 31,001
Cash flow 28,612 36,393 22,467
Capital investment 30,278 35,546 31,212
Net cash used in investing activities increased 8.2%
to ¥28,641 million. Payments of acquisitions of tangi-
ble fixed assets used cash of ¥28,781 million, while
proceeds from sales of affiliated companies generated
cash of ¥7,305 million.
Net cash used in financing activities rose 11.9% to
¥26,446 million. The largest use of cash in the catego-
ry was a net decrease in short-term borrowings of
¥23,956 million, followed by payments of long-term
debt of ¥5,996 million.
In aggregate, cash and cash equivalents at end of
year was ¥83,070 million, compared with ¥113,751
million a year earlier.
ANALYSIS OF FINANCIAL POSITION
Total current assets declined ¥24,011 million to
¥288,304 million, largely owing to a ¥32,437 million de-
crease in marketable securities, which included a
¥9,942 million transfer to investment securities and
other investments due to the adoption of new account-
ing standards for financial instruments. Accounts
receivable rose ¥12,599 million to ¥87,802 million,
INTEREST COVERAGE
Millions of yen
2001 2000 1999
Operating income ¥17,905 ¥19,477 ¥12,551
Interest and dividends income 1,923 1,928 1,825
Total ¥19,828 ¥21,405 ¥14,376
Interest expense ¥ 3,526 ¥ 4,014 ¥ 4,973
Interest coverage (times) 5.62 5.33 2.89